When completing the purchase of a property, it’s important you understand the laws regarding real estate in your area. Working with a Sonoma County real estate attorney can help you in this process and in this latest post, we’ll explain five laws within the local real estate field.
- The seller is responsible for the transfer tax
When you buy a property in Sonoma County, the seller is responsible for paying the transfer tax. The tax value depends on the location and the value of the transaction.
- Anything impacting desirability of the home must be put in writing
Factors that might impact the desirability of the home to potential future buyers must be put in writing by the seller. For example, if the home has significant plumbing issues or the roof must be fixed, this must be documented. Both parties must sign the documentation.
- Title ensure is required for the purchase to be completed
Before the purchase of the property has been completed, the buyer must purchase title insurance for the home. This may involve completing a title search to find out more about the history of the home. A Sonoma County real estate attorney can help you with this process.
- An escrow agent must facilitate the home sale
The home sale must be facilitated by a third-party escrow agent. The buyer has the first option to choose an escrow agent, or the seller may offer an escrow agent but, in such circumstances, the seller will then pay all escrow fees.
- Real estate contracts are allowed clauses unique to the property and transaction
Real estate law is one area of the U.S. legal system in which unique clauses are allowed to be placed within contracts. And this means that buyers and sellers can work together to build the right deal for this particular scenario. Working with a qualified Sonoma County real estate attorney can help to limit mistakes in drawing up the contract.